Tony Mitchell has managed the APM Internet Fund since October 2000 not long after the internet bubble burst. The next 2 years were terrible for technology stocks and especially so for internet stocks. Where most people might have given up, Tony kept honing his investment style. Forbes featured him in its 2015 Annual Investment Guide, Scoring A 28% Annual Return With Peter Lynch-Style Stockpicking, soon after I had vetted him before making his fund available to clients.
As of June 2019 Tony's Internet Fund has averaged 17.23% a year for more than 18 years while the S&P 500 has averaged 5.92%. An investor who started putting $200 a month in Tony's portfolio in October 2000 would have deposited a total of $43,400, and their account would now be worth $233,138. Invested in the S&P 500, their account would be worth $74,177, not bad, but not the kind of results that create wealth.
Tony’s strategy is to invest and stay invested in companies with great products and great brands that show promise of continued growth as determined by his analysis of the company’s financials, management, products or services, and marketing acumen. Tony also stays abreast of factors that affect stock prices in general such as Monetary and Fiscal Policies, Trends, Technical Analysis, Black Swans, Market Exuberance, and may at times reduce exposure to the market and or hedge against market downturns through inverse ETFs.
That last sentence deserves some attention. SEC rules require mutual fund managers to always be at least 80% invested. Because Tony does not manage a mutual fund, I can give him the flexibility to get out of stocks when he does not see good investments. After all, for most clients, it is more important to preserve capital than it is to stay nearly fully invested come hell or high water.
If you are looking for a manager who can play defense when the market looks bad, and who has delivered wealth creating returns for nearly 2 decades, consider Tony Mitchell.